CARNIVAL INSURED FOR CONCORDIA LOSS January 30, 2012 Carnival has announced its stricken Costa Concordia cruise ship has a net value of $490m (£312m) and that the firm has insurance coverage of around $510m (£324m). Damage excesses total $40m while the firm self-insures for loss of use.
Disasters send Lancashire to $117m losses January 30, 2012 REINSURER Lancashire Holdings has raised its estimated exposure to last year’s Japanese earthquake by $42.2m (£26.8m) to a net loss estimate of $117.3m. Lancashire said the increase “is mostly related to the company’s exposure to one significant cedant”, suggesting the firm may be responsible for a substantial claim from a single insurer. The firm has [...]
UBS commits to Broadgate development January 30, 2012 INVESTMENT bank UBS committed to a future in the City yesterday, after it finalised a pre-let agreement to move into British Land’s new Broadgate development. The deal is the final seal of approval for the £850m project, which was last year threatened by an application for listed status of the original estate by conservation group [...]
HOW THE 2012 OLYMPICS WILL AFFECT YOUR COMMUTE January 30, 2012 CITY workers have been warned they will bear the brunt of travel disruption during this summer’s Olympics, with Bank and London Bridge the two worst-affected Tube stations. Transport for London commissioner Peter Hendy yesterday urged Square Mile employees and businesses to consider alternative routes or working from home, where practical. Mayor Boris Johnson said extra [...]
Euro woes hit commercial property rent January 30, 2012 ECONOMIC troubles in the Eurozone have knocked the outlook for the single currency area’s commercial property sector, according to new data. European states dominate the list of countries in which rents are expected to fall, as measured by the Royal Institution of Chartered Surveyors (RICS) at the end of last year. Six out of the [...]
Mitie trading in line as solid order book fuels confidence January 30, 2012 OUTSOURCING and energy specialist Mitie said revenues and earnings had come in line with expectations in a trading update yesterday. The FTSE 250-listed company said its private sector client sales were strong, having sealed recent deals with insurers Friends Life and LV=. In the public sector it said there were still contracts being won despite [...]
Centrica ups its North Sea oil field stake January 30, 2012 CENTRICA yesterday moved to ramp up its North Sea gas reserves with a $223m (£140m) deal with ConcocoPhillips. The British Gas owner is buying a 15.17 per cent stake in the Statfjord field, taking its share to 34.3 per cent. Its investment includes $103m in historic tax allowances. The Statfjord field is in the North [...]
Centamin profits are doubled as 2012 production forecasts lifted January 30, 2012 MINER Centamin, which operates the first modern gold mine in Egypt, more than doubled its fourth-quarter operating profits and said yesterday it expects 2012 production to rise by more than 20 per cent from last year, with cash costs easing. Operating profit for the final three months of 2011 came in at $37.5m (£23.9m), marginally [...]
Philips swings to a loss as its sales tail off in Europe January 30, 2012 PROFITS at electronics group Philips took a sharp turn for the worse in the fourth quarter, leading to a loss of €160m (£133.9m) compared to gains of €465m a year earlier. This contributed to an annual loss of €1.29bn – down from a €1.45bn profit in 2010 – which the Dutch company put down to [...]
Thor ups Tungsten production January 30, 2012 Thor Mining yesterday raised its production at the Molyhil Tungsten and Molybdenum Project in Australia by a quarter to 4.7m tonnes. The firm said the tungsten at the site was high quality and situated near the surface, giving it confidence of an early return on capital. Chairman of the Aim-listed company, Mick Billing, said: “The [...]
